tds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
What are the situation for which income tax department levy penalty for the nonpayment of tds amount ?
CA Sanat Pyne
(Expert)
07 January 2011
CONSEQUENCES OF DEFAULT
Failure to deduct or remit TDS /TCS(full or part)
Interest at the rates in force (18% p.a. From 1st july, earlier 12% p.a.) from the date on which tax was deductible/collectible to
the date of payment to Government Account is chargeable.
Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3
months to 7 years and fine can be levied.
Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of
TAN
• Penalty of Rs. 10,000 is leviable u/s.272BB(for each failure)
Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time
or Failure to furnish statement of perquisites in time or Failure to file Quarterly
Statements in time
• For each type of failure, penalty of Rs. 100/- per day for the period of default is leviable.
Maximum penalty for each failure can be up to the amount of TDS/TCS.
Failure to deduct or remit TDS /TCS(full or part)
Interest at the rates in force (18% p.a. From 1st july, earlier 12% p.a.) from the date on which tax was deductible/collectible to
the date of payment to Government Account is chargeable.
Penalty equal to the tax that was failed to be deducted/collected or remitted is leviable.
In case of failure to remit the tax deducted/collected, rigorous imprisonment ranging from 3
months to 7 years and fine can be levied.
Failure to apply for TAN in time or Failure to quote allotted TAN or Wrong quoting of
TAN
• Penalty of Rs. 10,000 is leviable u/s.272BB(for each failure)
Failure to issue TDS/TCS certificate in time or Failure to submit form 15H/15G in time
or Failure to furnish statement of perquisites in time or Failure to file Quarterly
Statements in time
• For each type of failure, penalty of Rs. 100/- per day for the period of default is leviable.
Maximum penalty for each failure can be up to the amount of TDS/TCS.
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